Sales of Passive Temperature-Controlled Packaging Solutions Market expected to increase at 9.1% CAGR between 2021 and 2031
According to estimates, the market for passive temperature-controlled packaging solutions would be worth US$10.6 billion by 2021. Between 2021 and 2031, sales of passive temperature-controlled packaging systems are anticipated to grow at a 9.1% CAGR. The market for passive temperature-controlled packaging solutions is anticipated to grow at a 9.0% YoY rate in 2021. In terms of region, Asia Pacific excluding Japan is anticipated to hold more than 23.9% of the market in 2021.
In addition, the market for passive temperature-controlled packaging solutions in the US will grow by 7.7% YoY in 2021. In North America, it is anticipated that sales of passive temperature-controlled packaging solutions will total US$ 2.1 billion in 2021.
The passive temperature-controlled packaging solutions aids in maintaining the required temperature parameters during the storage and transportation of the temperature-sensitive products.
Further, passive temperature-controlled packaging solutions are extensively used in pharmaceutical and food & beverage end-use industries as efficient packaging solutions for products that are affected by temperature fluctuations.
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Growing demand for effective yet cost-efficient packaging solutions is anticipated to augment the demand for passive temperature-controlled packaging solutions.
Additionally, biologic and pharmaceutical drugs are among some of the most critical commodities in terms of required safety measures during transportation. Passive temperature-controlled packaging solutions are widely used for biologics and pharmaceutical products which require optimal temperature handling for a longer duration during shipping and logistics activities.
These products require different temperature ranges when they are shipped to warehouses, and a proper compilation is necessary to deliver them to pharmacies. Passive temperature-controlled packaging solutions provide the flexibility of transportation and ease of handling.
They also reduce and prevent any damage to the products during transportation. Moreover, pharmaceutical products are temperature sensitive and could be harmful to patients if they are not handled properly during transit and storage.
On the back of these aforementioned factors, sales of passive temperature-controlled packaging solutions are expected to reach US$ 25.3 Bn by the end of 2031.
- Based on product type, the insulated containers segment is anticipated to remain the leading segment, accounting for over 60% of market share by the end of 2031.
- In terms of application, the frozen segment is estimated to expand at a CAGR of 9.4%, contributing nearly 49% of overall sales by the end of 2031.
- By end-use industry, the pharmaceutical segment is anticipated to expand at a CAGR of 9.8% during 2021-2031.
- The U.S. is expected to spearhead the growth of North America passive temperature-controlled packaging solutions market over the forecast period
“Several international health agencies and organizations such as World Health Organization are focusing on reducing the wastage of vaccines across the globe. Hence, various programs are initiated to monitor and curb wastage of vaccines during the handling and transportation. These programs are anticipated to positively influence the passive temperature-controlled packaging solutions market.” says an FMI analyst.
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Increasing Demand for Passive Temperature-Controlled Packaging Solutions in Food and Beverage Industry to Drive Market
Increasing demand for perishable food products such as meat, seafood, and dairy products is fueling the need for passive temperature-controlled packaging solutions. These solutions offer adequate temperature assurance during transit and storage. Thus, food companies are exhibiting higher inclination for passive temperature-controlled packaging solutions as a cost-effective means for packaging.
Passive temperature-controlled packaging solutions are available in a variety of specifications in terms of shape, size, insulation and packaging format which is highly desirable among manufacturers of the food and beverage industry.
The players in the passive temperature-controlled packaging solutions industry offer an array of products targeted toward specific applications in the food and beverage industry. The specially designed packaging solution for specific applications helps in attracting players in the food and beverage end-use industry that are in search of custom packaging solutions for their products.
There is consistent growth in the number of frozen food items launched in the market that are either exotic or ready to cook. These frozen food products are required to be stored under specific atmospheric conditions during transit to achieve the desired shelf life which is often achieved with the help of passive temperature-controlled packaging solutions.
The increasing demand for passive temperature-controlled packaging solutions in the food and beverage industry can be a revenue-generating opportunity for the manufacturers and is anticipated to drive the growth of the target market.
Who is Winning?
GEBHARDT Logistic Solutions GmbH, Sonoco Products Company, ACH Foam Technologies, LLC and Cold Chain Technologies are the top players operating in the target market. Furthermore, va-Q-tec AG, Softbox Systems Ltd., Snyder Industries, Inc., are also noticeable players in the passive temperature-controlled packaging solutions market. The Tier 1 players in the market hold 10-15% markets share in the global market for passive temperature-controlled packaging solutions.
Passive Temperature-Controlled Packaging Solutions Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for passive temperature-controlled packaging solutions, analysing historical demand from 2014-2020 and forecast statistics for 2021-2031. The study reveals market growth projections on the passive temperature-controlled packaging solutions based on product type (insulated shipper (envelops & panels, EPS, PUR, VIP and others), insulated containers (chest and upright) and others), application (frozen, chilled and ambient) and end-use industry (pharmaceutical, food & beverage and others) across seven regions.
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What to Expect in Our Report?
(1) A complete section of the Global Passive Temperature-Controlled Packaging Solutions market report is dedicated for market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Passive Temperature-Controlled Packaging Solutions market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Passive Temperature-Controlled Packaging Solutions market.
(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Global Passive Temperature-Controlled Packaging Solutions market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusion of the research study provided in the Global Passive Temperature-Controlled Packaging Solutions Market report.